Hillary Rodham Clinton - Should governments subsidize property insurance coverage for natural disasters?

Introduced Catastrophe Insurance Bill

From Senate.gov:

Clinton, Nelson Introduce Catastrophe Insurance Bill to Help Homeowners Access Disaster Insurance

Senators Hillary Rodham Clinton (D-NY) and Bill Nelson (D-FL) today introduced the “Homeowners Defense Act of 2007,” an innovative proposal to pool and diversify catastrophe risk to make disaster insurance for hurricanes, floods, fires and other natural disasters more available and affordable for American homeowners. The Clinton-Nelson bill is companion legislation in the Senate to the bill introduced in the House of Representatives by Congressmen Ron Klein (FL-22) and Tim Mahoney (FL-16).“The current insurance market isn’t responding fast enough to the new and heightened risks that many homeowners face,” said Senator Clinton. “We need a fresh and innovative approach to the current insurance problem that will help homeowners get access to effective and affordable disaster insurance. I applaud Congressmen Klein and Mahoney for their vision and leadership in championing this legislation in the House, and I am proud to introduce the Senate companion bill with Senator Nelson, which deserves the Senate’s consideration.”

The bill also provides for federal loans to states impacted by severe natural disasters to help ensure a state fund’s liquidity in the event of a disaster. This bill will help facilitate and enhance homeowners’ access to insurance, which may ultimately result in lower insurance rates.

Posted on 6/20/2008 3:16:23 PM by TrishApproved 6/23/2008 1:38 PM